India’s Gold ETFs See Major Growth in 2025

TLDR

• India’s gold ETF inflows reached $3.2 billion in November.
• October saw $850 million in net inflows for gold ETFs.
• India ranks among the top three global markets for gold ETFs.

India’s gold exchange-traded funds (ETF) have achieved notable growth in 2025. Recent data from the World Gold Council (WGC) shows that India’s gold ETF inflows have reached between $3.0 billion and $3.2 billion as of early November. This situation reflects ongoing interest in gold as an investment asset among Indian investors. The surge has positioned India as one of the top three global markets for monthly gold ETF inflows in late 2025.

Gold ETFs in India have been gaining attention due to geopolitical and economic uncertainties worldwide. The demand is primarily driven by Indian exchanges and ETF issuers listed on NSE and BSE. These include notable providers such as SBI, HDFC, ICICI Prudential, Nippon India, and Kotak. They track and publish assets under management (AUM) and units but do not typically report cumulative India-wide flows in real time.

Analysis of India’s 2025 Gold ETF Growth

The WGC has consistently served as the reference authority for global and regional gold ETF holdings. The institutional research also highlights India’s 2025 as the strongest year since 2020 for gold ETF net inflows. In October alone, India saw $850 million in net inflows, bringing total AUM to around $11.3 billion, with aggregate gold holdings near 83-84 tonnes. This increased interest in gold ETFs marks a significant trend in Indian investment behavior.

The surge in gold demand aligns with broader regional activities. According to an Apollo Academy macroeconomic chart titled “India: Inflows to gold ETFs,” these inflows are expected to annualize toward the $3.5–$4.0 billion range. However, this projection is not yet reflected in confirmed figures, remaining slightly below the $3.5 billion mark as per compiled WGC-linked data.

Global Market Reactions and Discrepancies

The heightened demand from India and the broader Asia-Pacific region links to the ongoing global geopolitical and macroeconomic uncertainties. These conditions drive investors toward what they perceive as safer assets, such as gold. While global asset managers like State Street Global Advisors recognize the demand surge, they do not tie these trends directly to related cryptocurrencies or tokenized assets.

Bloomberg Tax reports its numbers according to World Gold Council data, indicating that India gold ETF inflows remain slightly above $3.0 billion. There is yet no primary-source confirmation of surpassing $3.5 billion in realized inflows for 2025.

Impact on Cryptocurrencies Remains Undefined

The surge in gold ETF inflows is specific to traditional, physical gold investments, with no direct impact on cryptocurrency products. The primary sources do not attribute gold ETF flows to specific on-chain metrics, and no transitional shift in tokenized gold or other digital assets has been formally documented by institutional data providers.

While Bitcoin, often described as “digital gold,” could benefit from strong safe-haven narratives, there is no direct causal relation to the India gold ETF inflows per WGC documentation. This thematic connection to digital currencies remains speculative at best, without explicit confirmations from major crypto influencers or primary sources.